President Obama spoke about fiscal cliff negotiations Friday evening, before leaving for the holiday, urging a scaled back deal that would stop taxes from rising on 98% of Americans -- something both sides say they want.

But there is likely to be little progress on a deal Monday, with members of Congress at home for the Christmas holiday.

Most federal offices and many businesses were closed on Monday. So there is nothing in the way of economic reports or corporate news scheduled for release.

European markets were steady in a shortened trading session, with markets in Germany closed. Italy's Mario Monti said at the weekend he may consider a second term as prime minister if asked by parties committed to the economic reforms he began over the past 12 months.